High Prices Are Not Ripping People Off
An amazing lady in my ELITE membership posted a comment today about her online tutoring business. She said "there are so many online tutors offering such cheap provision I know lots of home ed families don't have oodles of money to pay for courses. I would hate anyone to think I was ripping them off."
And there it is, the 'RIPPING THEM OFF' mind monkey.
This 'ripping them off' mindset comes from a few places and added together, the result can crush your business.
First of all, it comes from not realising your own value and believing you can't charge more because you're not worth it. It's like the reverse of that shampoo commercial (you know the one I mean).
Secondly, that lack of recognition is fuelled by people around you (especially if they are not your super customers)
And third, our mind monkeys will look to reinforce our belief so they will find examples of all the free and low cost trainings. They will find evidence of people complaining about higher prices. They will 'prove' to you that you can't charge more.
I put things into context for her.
"Those are mind monkeys. I home educated Chloe for 3 years and we have a real mixture of home-ed friends. Many weren't financially flush but MANY were. Lots of us paid a lot of money for tutors, online learning, trips, all sorts. Let the others cater for the budget buyers, YOU cater to those who want the best (which is how you will position yourself). To put it into context, I was paying more per month for tutoring than I paid for her private school fees before I took her out. Tell the mind monkeys to buzz off."
So that mind monkey telling her all home educators are cash-strapped and want free/low cost tutoring is wrong.
I'm living proof of that.
I am one of many.
The same will apply to your business.
You are not competing with FREE.
Whenever you think you're competing against Udemy or YouTube or some other free/low cost resource, step OUT of that mindset immediately.
The people who prefer those things are not your people and they are already catered for.
- YOUR people are those who can afford you; for whom money is not the issue.
- They want someone with your background and expertise.
- They want someone who positions themselves as an expert and walks the talk (which is why your online content like blogs, videos and podcasts are so important)
- They want someone who is reassuringly expensive (yes, that's a thing) because to them it signifies quality.
- And they want everything you bring. Your attitude. Your teaching style. Whatever it is that characterises the way you teach or train.
- And they will value it more because they paid a higher price. They have skin in the game.
In my case there are millions of free resources out there, so why do people choose to work with me?
Because I've been there and done that.
Because I'm a normal person just like them - I live in the north east of England, I'm a mum, I started out 20K in debt and I've had a rollercoaster business journey I've shared with them. And after 10 years in my business I'm making multiple six figures and have just bought my absolutely dream forever home.
AND because I'm a shortcut.
People pay for shortcuts.
So let's tackle that 'RIPPING THEM OFF' mind monkey.
- You are a shortcut.
- You know your topic inside out. Most people out there do not find it easy, that's why they are looking for help.
- Lots of people do not want to wade through YouTube or Google for free resources. Free is not a selling point.
- Your Super Customers want someone they can TRUST who charges good money for a high-quality experience.
- Your Super Customers are intelligent people who are capable of choosing. They need things to choose from. You can be one of their choices.
Tell that mind monkey to buzz off.
Stop spending time looking for proof you can't charge what you want to charge.
Start looking for evidence you're amazing at what you do and people are lucky to work with you. Testimonials and reviews, feedback and customer chats.
NOW, PUT UP YOUR PRICES TO WHERE THEY NEED TO BE AND OWN THAT EXPERT POSITION. OK?
Drop me a YES in the comments if you're up for it!